In the evening hours of 18 February a Litecoin Hard Fork is to take place. The controversial project is called “Litecoin Cash” and is supposed to split off from Litecoin with block 1,371,111.
How should one behave in the next days?
A few days ago BTC-ECHO already reported: After Ethereum and Bitcoin there will be a Litecoin Hard Fork now. Charlie Lee has been very hostile to it and even spoke of a scam:
“The Litecoin team and I don’t do a Litecoin fork. Any fork that claims otherwise is a scam that tries to confuse you through the Litecoin association. Don’t fall for it and don’t give your private keys to a website or a client. Be careful!”
As mentioned in the linked article, the accusation “Scam” is somewhat exaggerated, since any development team is free to change and “fork” the code of an open source crypto currency. The amount of Bitcoin forks shows that it did not harm Bitcoin.
However, you can understand the accusation “Scam” a bit, after all, the people behind Litecoin Cash don’t allow themselves to be completely looked into the cards, despite all transparency: Only the first names of the developers are known, the desktop wallets will be released on February 18th or 19th and the Github account is currently empty.
Whether it is a scam or not – the own Litecoin stock is not endangered by the fork. So you can keep calm in any case, Litecoin Cash does not endanger Litecoin any more than the different Bitcoin Forks did with Bitcoin.
How do I get Litecoin Cash?
The question of how to get Litecoin Cash came up more and more. Even if one can hope that Coinbase or a used Exchange Litecoin Holder will initiate a distribution of the LCC tokens, the best way – as always – is to hold the coins in one’s own wallet. By own wallet we mean those wallets that give the user knowledge about the Private Keys or about seeds that generate the Private Keys. The motto “Be your own bank” also applies here!
If you want to participate in the crypto revolution or at least have a guaranteed claim to coins after a hard fork, you can’t get past the private key. At least for the time of the Hard Fork Litecoin has to be used on a wallet, which gives the user access to the Private Keys.